Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others. For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.
Rosario Setticasi, REBGV president, summed up the 2011 real estate market development.
New listings for detached, attached, and apartment properties reached 1,629, decreasing 4.1 per cent compared to December 2010, when new listings reached 1,699. This represents a rapid 49.4 per cent fall compared to the previous month’s 3,222 sales.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in the Greater Vancouver Area has experienced an increase of 7.6 per cent over the last year, climbing up to $621,674 since December 2010. Since reaching the top of $630,921 in June 2011, prices are experiencing a mere 1.5 per cent increase.
Net residential property sales of detached, attached, and apartment properties reached 32,390, growing by 5.9 per cent compared to December 2010, when property sales run up to 30,595. This represents a 9.2 per cent downturn compared to the 2009 sales reaching 35,669.
- Detached property sales (774 units) experienced a 4.6 per cent decrease compared to December 2010 (811 units) and a 32.9 per cent decline compared to December 2009 (1,154 units). The benchmark price increased 3.7 per cent from December 2010 to $401,396.
- Apartment property sales (1,000) decreased 4.9 per cent compared to December 2010 (1,052) and decreased 28.4 per cent compared to December 2009 (1,396). The benchmark price increased by 2.7 per cent from December 2010 to $399,686.
- Attached property sales (254 units) experienced a 20.4 per cent decline compared to December 2010 (319 units), and a 44.7 per cent decrease compared to December 2009 (459 units). The benchmark price increased by 4.2 per cent since December 2010 to $511,499.